Wednesday, October 08, 2014

Measure & Monitor Assessment Process - In Public




Letter to editor - Greece Post 10/08/14

In his letter, “Assessments in the Town of Greece are unfair” (Aug 21st), D. Schaeffer served up a hot topic.

A Greece website says the goal is to, “Maintain assessments as close to full market value as possible.”  So, what’s close… and what’s possible?  Is the goal being met?  Is the public being told?

A sample of 124 recent sales shows an AVERAGE sale price of $120,000 and an AVERAGE assessment of $121,000.  These averages are very close - a variance of -$1,000 (-0.8%).  But, small variances are not the norm when analyzing sales one-by-one.

For example, address ‘162 Rhe...’* assessed at $136,000 sold lower by $19,000 (-14%).  Twenty-one sales ranged -10% and lower.  By contrast, ‘191 App...’**  assessed at $129,900 sold higher by $20,100 (+15%).  Twenty sales ranged +10% and higher.  Overall, variances for 83 sales (two out of three) exceeded +/-5% from their assessed value.  Of course results may vary for other samples.

Homeowners should not be surprised when their home sells for less than its assessment… and then realize they had been paying high taxes… while also being among those paying extra to make up for homes selling above their assessment.

Taxpayers may want to urge their Town Board representatives to set policy in the form of measurable goals for the assessment process, and to monitor results with timely public reports.

George Hubbard
Greece Resident

Info. below provided by SCATS
* 162 Rhea Crescent (sold for $117,000 on 9/11/14)

** 191 Applewood Drive (sold for $150,000 on 8/1/14)
  

13 comments:

Anonymous said...

The Assessor Office says the equalization rate is 100%... sale prices and assessments are equal.

How can Greece do better than that?

SCATS said...

To 8:20PM ~~ Maybe by telling the truth?

WHO is the assessor?

Anonymous said...

My assessment went up and I oomplained. They reduced it a little, but didn't say anything why.

My neighbors didn't ask. Maybe more people could get theirs reduced if they asked.

Anonymous said...

Everyone complains, but no one does anything. Who do we go to?

If my street isn't plowed clear or sidewalk is broken, my councilman says he can help.

SCATS said...

To 8:48AM ~~ Count your blessings! My understanding is that very few got any adjustment when they complained this year.

To 9:16AM ~~ Does your councilman respond when you call? Or haven't you tried it?

Complaining about your taxes by going through the hearing process is about all the law allows for. Sadly, our local electeds are too closed, clubby & corrupted to engage in ANY sort of meaningful, two-way public dialog with the community ... on any issue! They don't want to hear about it once they get their name on the nameplate. Arrogant!

Anonymous said...

That's a great price for any property on Rhea crescent Wow! Who ever bought it got screwed.big time.

SCATS said...

To 2:15PM ~~ What makes you say that? I just looked up some recent sales. The one cited here is the LOWEST. Another sold for $134,000 a few months earlier.

Anonymous said...

To: 2:15pm

Are you saying new owner paid too much, then previous owner (seller) must have been way over assessed and paying way too much in taxes?

Greece just went through a reval. How can this happen?

Anonymous said...

General I think it would be fair to say that depending on location, many parcels are selling for less than assessment values. Then again depending on the sellers situation. What I mean is depending on their circumstances for the sale they can not afford to wait for the right buyer willing to meet their price, for instance, in my neighborhood, two owners had to vacate the property due to job relocation thereby leaving the sale in the hands of their realtor. One sold for less than assessed value to a private party, the other property was bought by the realty company at a bargain price and recently turned it into rental property . This practice is wide spread thoughout the town especially on the southeastern area of the town. On the flip side, another property two streets over from me in rough condition, owned and formerly rented out by Northnagle realty, sold two months ago for $ 140,000 carrying an assessment of 95,500. Neighbors who talked to the new owners, a very nice Black family, told them he knows he paid to much for the house, but was thankful that he was able to buy a house in Greece and escape the city. Get the picture? Odds are, Nothnagle holds the mortgage as well.

george hubbard said...

To: SCATS

1. Postings testify to existence of large variances (AV minus SP in $ or % terms).

2. Figures in my letter show large variances from more systematic analysis from sales data.

3. Ques: Are taxpayers satisfied - Yes or No?

4. Ques: If "No", what to do?

SCATS said...

George ~~ I suspect that most people do not realize the size of these variations. Let's assume they do & that they are dissatisfied. What do YOU suggest they do? Please remember, not everyone is an analyst.

Anonymous said...

Re: George:

Therefore what?

Anonymous said...

MR Hubbard, you continue to DAZZEL us with you brilliance but baffle us with your BS. Please answer the question. How would you suggest those of us with lesser intellect deal with your equations in practical laymens terminology ?